Bitcoin’s Open Interest Delta is showing a pattern similar to the early stages of the 2024 bull run. The 30-day consolidated Delta has reached its highest point since BTC broke above $73,000. Analysts typically describe the OI cycle in two phases: Phase 1, where leveraged positions rapidly build (positive Delta), followed by Phase 2, where positions are closed and Delta turns negative. Current data suggests we may be entering a new Phase 1.

From a mid-term view, the 180-day Delta is hovering near zero — a potential sign of accumulation by large investors. Historically, when this Delta turned negative, it marked the market bottom and start of a bullish phase.

However, OI growth this time appears more subdued, indicating whales are moving cautiously. Nonetheless, this may still be the beginning of a new upward trend.